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BUS 111 Review Class

BUS 111 Review Class - BUS 111 Review Class 12.10.07 6...

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BUS 111 Review Class 12.10.07 6 Possible Essay Questions 100 Multiple Choice Questions Mean grade lowest B- Can stay as long as we would like. Give envelope and he’ll send our grade. POSSIBLE ESSAY QUESTIONS 1. Ideas of the three great economists in their times. a. Adam Smith i. Economic philosophy of the republican party ii. Trickle down prosperity iii. Mercantilism iv. Basic concepts of  v. Published book in 1776 – the wealth of nations vi. The same year as the declaration of independence and the official  beginning of the revolutionary war vii. 1 st  attempt at government such a failed effort viii. The founding fathers had the opportunity to become familiar with his  book. 1. Big on communication among themselves ix. Book had a big impact on US and England (industrial Rev) x. Laissez-faire xi. Government should leave economy alone xii. Entrepreneurial people recognize needs in society and respond by  providing products and services that satisfy those needs. xiii. The invisible hand of the marketplace xiv. The forces of competition xv. Buyers pursuing their own self-interest 1. Three factors would rule the marketplace ^^^ xvi. “16 tons” xvii. Principles based on a competitive marketplace xviii. If only one supplier of labor, no checks, no competition. b. Karl Marx i. Reaction to worst aspects of the Industrial Revolution ii. Individuals who gained stranglehold control over an entire industry.  Smith’s idea of competition falls away.  No need to maintain standards in 
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products or how products are made.  Sweatshop working conditions. iii. Unsafe, poor lighting, poor conditions, long hours, both in US and  Europe iv. 6-day work week.  Expected to go to church v. very controlling, negative environment for workers vi. poor wages vii. poor living conditions viii. child labor ix. abuse of women x. Marx enraged by conditions in Smith’s time---competition xi. Pollution xii. How did we get into this situation? 1. Not enough for the people in control to have the mechanisms of  control because there are so few in control, and so many being  controlled. 2. Must be some reason the masses are no reacting a. They have been fed these ideas that sound right and  they cant think of any way to counter them. 3. “Divine Right of Kings” a. God has ordained that everything should be this way,  and masses should not mess with the will of God. b. Marx thinks this is crap. 4. Adam Smith’s Ideas (antithesis of Marx’s ideas) a. People took his ideas and used them to oppress people.
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BUS 111 Review Class - BUS 111 Review Class 12.10.07 6...

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